11 June, Finanza Report
Carlo Cimbri, the Unipol group Ceo, is pressing Bper again on the NPL matter, and the reply from the Modena bank comes immediately, also considering the new business plan coming up in September.
Yesterday Cimbri repeated that Bper should accelerate on its disposal of bad loans. “We have to consider shareholders’ expectations. We want a prompt response on the reduction of the NPL stock. Time is not a secondary factor”, stated the manager regarding the new business plan of the subsidiary, of which Unipol owns a 10% stake. “From a shareholder’s point of view, we want the bank to be more profitable and solid, and to have a clear strategy able to satisfy the shareholders”.
The conciliatory reply came in the evening. “We’ll be ready with the new plan in September. We just wanted the Npe plan and the business plan to perfectly match. Today there are all the conditions for that”, explained Vandelli, clarifying that “regarding a quick disposal, we are so eager to accelerate the plan, that I believe his words were just a confirmation of what we are already doing. We’ve considerably speeded up. This year we should be able to get rid of non-performing for three billion, and another operation is planned for 2019. We’re happy to meet shareholders’ expectations, and this is an incentive for us”.
“We’re working at a first securitisation of the credits of Banco di Sardegna for about 1 billion euro. We’ll close the operation by June. We’ve already received offers, but it takes some technical steps for the completion. The second securitisation is meant to be closed by the end of the year. It amounts to 2 billion”, informed Vandelli.
Therefore, there aren’t the conditions for a debate between shareholders and the bank’s management, also given the fact that Bper is working hard on the disposal process using even its internal resources. “At the moment, our group is managing the collection of bad loans internally. We have still to assess whether it will be possible to avoid selling the platform, despite the current situation”. The platform “works well and has good performances. We’ve received offers from investors, even important ones. But the challenge for us is to keep it”.
Apart from the debate with Cimbri, Vandelli also intervened on other matters such the consolidation on the industry and the possible review of the Renzi reform. “So far, banks conglomerates have been curbed by non-performing loans since it would be impossible to ask the permission to the ECB in the present conditions”, he said concerning the first topic. “I think the situation might change by the end of the year. We’ll see then what to do. Regarding Bper, there are one or two operations that might really change the strategy. The opportunities for conglomerate have dramatically reduced, but I hope we’ll be able to do something. However, the new business plan will focus on growth.
For what concerns the reform, his opinion is clear. “When the toothpaste has come out of the tube, it’s difficult to put it back. It’s hard to imagine how to rewind this film. Today, we’re a public company. We combine the local presence typical of a saving bank with the values of the new legal entity”.
Meanwhile, on the stock exchange, Bper was impacted by the negative trend affecting all the European banks following the conclusion of the G7 in Canada, and the shares at 9.15 lose the 1.2%.
Source: Finanza Report
Translator: Cristina Ambrosi